Director’s dealings in securities: D Louw

Pan African Resources PLC                            Pan African Resources Funding Company
(Incorporated and registered in England and Wales    Limited
under the Companies Act 1985 with registered         Incorporated in the Republic of South
number 3937466 on 25 February 2000)                  Africa with limited liability
Share code on AIM: PAF                               Registration number: 2012/021237/06
Share code on JSE: PAN                               Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
("Pan African Resources" or the "Company")




DIRECTOR'S DEALINGS IN SECURITIES


                           DEALING NOTIFICATION FORM
      FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR
                         CLOSELY ASSOCIATED PERSONS


The Company announces it has received notification that Financial Director, Deon Louw, bought
134,748 ordinary shares of 1p each in Pan African Resources on 26 October 2023.

Following this transaction, which is detailed in the PDMR Notification Dealing Form below, Mr Louw
has an indirect beneficial interest of 3,122,349 ordinary shares, representing 0.1405% of the
Company's issued share capital and a direct beneficial interest of 1,122,860 ordinary shares,
representing 0.0505% of the Company's issued share capital.

The below information and notification are made in accordance with the EU Market Abuse
Regulation and the JSE Listings Requirements.



 1.      Details of the person discharging managerial
         responsibilities/person closely associated

 a)      Name:                                               Deon Louw

 2.      Reason for the notification

 a)      Position/status:                                    Finance Director

 b)      Initial notification/Amendment:                     Initial notification

 3.      Details of the issuer, emission allowance
         market participant, auction platform,
         auctioneer or auction monitor

 a)      Company name:                                       Pan African Resources PLC

 b)      LEI:                                                213800EAXURCXMX6RL85
 4.      Details of the transaction(s): section to be
         repeated for (i) each type of instrument; (ii)
         each type of transaction; (iii) each date; and
         (iv) each place where transactions have been
         conducted

 a)      Description of the financial instrument, type of    Ordinary shares of 1p each
         instrument:

                                                            Identification code: GB0004300496

 b)      Nature of the transaction:                         Acquisition of ordinary shares

 c)      Price(s) and volume(s):
                                                             Price(s)            Volume(s)
                                                             (ZA cents per
                                                             share)

                                                             364.00              2,468

                                                             364.00              3,761

                                                             365.00              40,000

                                                             367.00              29,627

                                                             368.00              28,892

                                                             369.00              30,000


 d)      Aggregated information:                            134,748 ordinary shares
                                                            VWAP ZA 366.93 cents per share



 e)      Dates of the transaction:                          26 October 2023

 f)      Place of the transaction:                          Johannesburg Stock Exchange



Additional information disclosed in accordance with the JSE Listings Requirements:

 a)     Nature of interest of executive:                     Direct beneficial

 b)     On-market or off-market:                             On-market

 c)     Clearance given in terms of paragraph 3.66 of the    Yes
        JSE Listings Requirements:

 d)     Total value of transaction                           ZAR 494,427.21

 e)     Holding following transactions:                      Indirect beneficial 3,122,349
                                                             ordinary shares,
                                                             Direct beneficial 1,122,860
                                                             ordinary shares



   Johannesburg

   30 October 2023

   For further information on Pan African, please visit the Company's website at

   www.panafricanresources.com



Corporate information

Corporate office                                       Registered office

The Firs Building                                      2nd Floor

2nd Floor, Office 204                                  107 Cheapside

Corner Cradock and Biermann Avenues                    London

Rosebank, Johannesburg                                 EC2V 6DN

South Africa                                           United Kingdom

Office: + 27 (0) 11 243 2900                           Office: + 44 (0) 20 7796 8644

info@paf.co.za                                         info@paf.co.za

Chief executive officer                                Financial director and debt officer

Cobus Loots                                            Deon Louw

Office: + 27 (0) 11 243 2900                           Office: + 27 (0) 11 243 2900

Head: Investor relations                               Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0) 11 243 2900
E-mail: hhira@paf.co.za

Company secretary                                      Nominated adviser and joint broker

Jane Kirton                                            Ross Allister/Bhavesh Patel

St James's Corporate Services Limited                  Peel Hunt LLP

Office: + 44 (0) 20 7796 8644                          Office: +44 (0) 20 7418 8900

JSE sponsor                                            Joint broker

Ciska Kloppers                                         Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited         BMO Capital Markets Limited

Office: + 27 (0) 11 011 9200                           Office: +44 (0) 20 7236 1010

                                                       Joint broker

                                                       Matthew Armitt/Jennifer Lee

                                                       Joh. Berenberg, Gossler & Co KG (Berenberg)

                                                       Office: +44 (0) 20 3207 7800

Date: 30-10-2023 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.